Wells Fargo upgraded Merck (MRK) to Overweight from Equal Weight with a price target of $125, up from $90. Following recent business development, pipeline progress, and new launches, the firm sees Merck filling the shortfall from Keytruda LOE and growing revenue in the early 2030s. The company is entering a catalyst rich period in the next 12-18 months with readouts across its pipeline, Wells argues.
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